H.R. 674 - To amend the Internal Revenue Code of 1986 to repeal the imposition of 3 percent withholding on certain payments made to vendors by government entities (Rep. Herger - Ways and Means) (One Hour of debate). The bill repeals a law enacted by a Republican Congress and Republican President, and delayed by the Recovery Act, which requires federal, state and local governments to withhold 3% of payments that are due to government contractors starting in 2013 in order to improve tax compliance.

H.R. 2576 – To amend the Internal Revenue Code of 1986 to modify the calculation of modified adjusted gross income for purposes of determining eligibility for certain healthcare-related programs (Rep. Black - Ways and Means) The Affordable Care Act used Modified Adjusted Gross Income (MAGI) for the purpose of determining eligibility for premium assistance tax credits, Exchange subsidies, Medicaid and CHIP. The law defined MAGI as adjusted gross income (AGI) plus any tax-exempt interest and foreign earned income otherwise excluded from AGI. Because a portion of Social Security benefits are currently excluded from gross income (and therefore from AGI) for income tax purposes, the current MAGI definition allows only the taxable portion of SS benefits to count towards eligibility requirements. HR 2576 would expand that definition to include the entire amount of Social Security benefits received.

“Obama’s White House has approved fewer regulations than his predecessor George W. Bush at this same point in their tenures, and the estimated costs of those rules haven’t reached the annual peak set in fiscal 1992 under Bush’s father, according to government data reviewed by Bloomberg News….Obama’s White House approved 613 federal rules during the first 33 months of his term, 4.7 percent fewer than the 643 cleared by President George W. Bush’s administration in the same time frame, according to an Office of Management and Budget statistical database reviewed by Bloomberg.”

- Bloomberg, 10/25/11

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On Tuesday, The House will meet at 10:00 a.m. for legislative business and recess immediately. The House will reconvene at approximately 10:45 a.m. for the purpose of receiving, in a Joint Meeting of Congress, His Excellency Benjamin Netanyahu, Prime Minister of Israel.